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Mortgage Repayment Holiday

We understand you may be worried about the impact COVID-19 and we want to reassure you that we are here to help you with any financial concerns you may have.

Customers with a TSB mortgage may apply for a repayment holiday to defer your monthly mortgage payments for up to three months. If you have already taken a repayment holiday for three months, you can request a further repayment holiday for up to three months (maximum of six months in total). The deadline for applications is 31 October 2020 for both first and second deferrals. If you continue to be impacted by COVID-19 and have already taken a payment deferral for six months or the deadline for applications has passed, we’re still here to help. Please complete an income and expenditure form and we’ll get back to you within five working days. Alternatively please call us on 0345 835 3374. We’re here from 8am – 7.30pm Monday to Friday (except bank holidays) and 8am – 12.30pm on Saturdays. If you take a repayment holiday you will pay more interest overall. Payments deferred during a repayment holiday are not recorded as missed payments to the credit reference agencies, however there will be some increase in the balance reported in line with the interest accrued during the payment holiday. Repayment holidays are subject to approval.

For new customers joining TSB, mortgage advisers and brokers will work with customers to understand their individual needs.

Current delays at Registers of Scotland due to coronavirus (COVID-19)

The current coronavirus (COVID-19) situation has meant that Registers of Scotland are unable to process applications to register house purchase and remortgage applications within their usual timescales.

To help transactions continue without delay, the Law Society of Scotland have agreed temporary changes to the usual processes which conveyancers in Scotland follow. We have agreed via UK Finance that we, as your lender, will support these temporary changes to avoid any unnecessary delay.

We understand that, even with the new processes in place, there may be some delay with remortgage completions. Please contact your conveyancer for further information on timescales.

Mortgage valuations have resumed in England

Valuers based in England are now able to travel and gain safe access to properties if they follow the Government guidance around social distancing. This applies to properties in England only, until current Government restrictions in Wales, Scotland and Northern Ireland are lifted. Wherever possible we will still try and undertake valuations without visiting people’s homes by using remote valuation technology.

Fixed Rate Bonds

Impacted customers holding Fixed Rate Bonds can close their accounts to gain early access to their money. Customers will also be able to access savings in Fixed Rate Cash ISAs and the early withdrawal charge will not apply during this period.  Please note, that if you do withdraw from your Fixed Rate ISA, you will lose the tax-free benefit on this amount.   

Credit limit increase

Customers can request an emergency credit limit increase. This will be subject to status and eligibility.

Credit card repayment holiday

If you’ve already had a credit card repayment holiday and continue to be impacted by Covid-19, please visit www.tsb.co.uk/cardsfurtherhelp.

If you’ve not had a repayment holiday before:

• You need to be up to date with your credit card repayments or have missed no more than one payment.

• The account should be held in your name.

• You must not be in the process of making a credit card protection insurance claim.

• If we have written to you about Persistent Debt you are still able to request a repayment holiday.

• If you have missed more than one payment to your credit card you will not be automatically eligible for a repayment holiday, please contact us on 0345 600 8972 to speak to one of our Partners.

We pride ourselves on being a responsible lender

Repayment holidays are only temporary and not intended to help solve longer term money troubles, so if you’re struggling to make your monthly repayments, please get in contact with us.  We have a range of options that may be able to help you.

Important information to think about before you request a repayment holiday

If you pay interest on your credit card

• Interest will continue to accrue on your balance, and you'll pay more interest overall because your balance will be higher.

• At the end of the holiday, the minimum payment will be higher than you would normally see as interest will continue to be charged on your balance. It will also be higher if you spend on your card during the repayment holiday.

• If you find you can make any payments to your card during this time, please do so because this will help reduce the extra interest you'll have to pay. Making any payments will not affect the rest of your repayment holiday term.

Illustrations of the potential increase in balances and minimum payments as a result of a 3-month credit card repayment holiday

1. A credit card balance of £5,000 with an interest rate of 24.95%, assuming no spend*​

• Your balance at the end of a 3-month repayment holiday will have increased from £5,000 to £5,286.
• Your minimum monthly payment will have increased from £144 to £152.

2. A credit card balance of £15,000 with an interest rate of 29.95%, assuming no spend*

• Your balance at the end of a 3-month repayment holiday will have increased from £15,000 to £16,015.
• Your minimum monthly payment will have increased from £481 to £514.

3. A credit card balance of £5,000 with an interest rate of 24.95%, assuming a monthly spend of £200 on the card*

• Your balance at the end of a 3-month repayment holiday will have increased from £5,000 to £5,909.
• Your minimum monthly payment will have increased from £147 to £174.

*Please note that we strongly recommend that you do not spend on you card unless absolutely necessary during the repayment holiday as this will increase the length of time it will take you to repay your balance.

How the repayment holiday works

• Taking a repayment holiday at this time will not be reported as a missed payment on your credit file. However, please note that other factors may affect your credit file or your ability to obtain credit.
• You can continue spending on your card, up to your credit limit. If you go over your credit limit, you will be charged £12 which will be added to your credit card balance and this will have a negative impact on your credit record.
• Deferring your payments in this way will mean that it may take longer to repay your credit card balance.
• If your request for a repayment holiday is approved and you have already missed one payment to your credit card, the month in which this was due will be treated as the first month of your 3-month repayment holiday extension. This means that your account will no longer be in arrears and we'll remove the missed payment from your credit record.
• If your request for a repayment holiday is approved you do not need to cancel your Direct Debit as we will not take the payment during the repayment holiday. However, if you have a payment due within the next 7 working days and are worried that you cannot afford this payment, please cancel the Direct Debit with your current account provider. Please check with your provider whether you are able to cancel the Direct Debit, as sometimes this can’t be done if the payment date is soon, meaning it will still be taken. If you have a Direct Debit set up from a TSB current account, you would need to let us know the day before the due date of the payment. If you have set up a standing order to pay your credit card you will need to cancel it during your repayment holiday.
• At the end of the repayment holiday extension, you will need to start paying at least your minimum monthly payment again, as shown on your statement.
• If you are experiencing longer-term financial difficulties, or if you need extra help to understand how this impacts you, we are here to help, so please contact us as soon as possible.

How to request a repayment holiday

You will need to complete our online form which can be found by clicking on the button below.

We will aim to complete your request within 5 to 7 working days, excluding requests made on bank holidays and at the weekend. We will email you to confirm whether your repayment holiday has been successful and when you’ll need to start making future payments again.

Check out our privacy policy at https://www.tsb.co.uk/privacy/ for information on how your data is used.

Cash machine withdrawals

Personal current account customers can now withdraw up to £500 from UK cash machines.

Changes to your existing Overdraft

In April, we made some changes to current account overdrafts to support you through the impact of the coronavirus, including introducing an interest free allowance of up to £500 and a lower interest rate on balances over this.

These temporary measures will end from 9 July 2020 onwards. The interest rate for all TSB Overdrafts will revert to 39.9% EAR, and your account will revert to its standard interest-free amount.

Apply for an Arranged Overdraft

Customers may apply for an Arranged Overdraft, or an increase to their Arranged Overdraft limit to provide short term relief on their outgoings. Overdrafts are subject to approval. The quickest and easiest way to apply is via Internet Banking.

Are you facing temporary difficulties with your finances?

If you have been directly impacted by Coronavirus and are facing temporary difficulty with your finances, we have a number of measures in place to support you:

• You can request an extra three months interest free overdraft allowance of up to £500 and an overdraft interest rate of 19.84% EAR any time your overdraft goes beyond the interest free amount.
• The three-month period starts when you’ve got our confirmation your request has been processed. When the three-month period ends, the interest rate for your TSB Overdraft will revert to 39.9% EAR. Don’t forget, your account will also revert to its standard interest free amount.

The travel insurance claims line is currently experiencing high call volumes. To allow us to prioritise customers, we are asking you to only call if you were due to travel within the next 7 days. Before making a claim, please ensure you have contacted your travel and accommodation provider to discuss a refund, as travel insurance only provides cover for your non-refundable costs.

Find out about our travel insurance and coronavirus (COVID-19) advice for travellers with a TSB Added Value Account.

• If, due to Covid-19 impacts, you are struggling to make payments to your loan, we may be able to offer you a temporary repayment holiday – see below for further information.
• If you’ve already had a three-month repayment holiday due to Covid-19 and continue to be impacted financially, please visit tsb.co.uk/loansfurtherhelp and complete the form.

Personal loan customers may apply for a repayment holiday to provide short term relief to their outgoings. Repayment holidays are subject to approval. If you take a repayment holiday, you will pay more interest overall. If you take a repayment holiday, your payments will be deferred, and you will pay more interest overall. Taking a payment holiday at this time will not be reported as missed payments for your credit file. However, please be aware that other factors may affect your credit file or your ability to obtain credit. There are two repayment holiday options available:

1.You can request a one month repayment holiday. You can request up to three consecutive one-month repayment holidays every rolling 12 months and you must be up to date with your payments.

The quickest and easiest way to apply is via internet banking. This way you will receive an instant decision and you can also check your eligibility before you apply. 

2.Request an extended repayment holiday for three consecutive months specifically to support any financial relief during the current COVID-19 lockdown. This option applies to customers that are both up to date with their repayments or have missed no more than one payment.

To request an extended repayment holiday, you will need to complete a repayment holiday request using the form on our Loan Repayment Holiday page. 

Please bear in mind you will not receive an instant response as it can take up to 2 working days to provide a decision.

3.If you’ve already had a three-month repayment holiday due to COVID-19 and continue to be impacted financially, please visit tsb.co.uk/loansfurtherhelp and complete the form.

We understand that our customers may be worried about the impact of coronavirus (COVID-19) and want to reassure you that we’re here to help you with any financial concerns you may have.

1. Payment holiday

• If you are struggling financially and need help, then you may be able to defer your monthly home insurance payment. This can be applied for 1 month at a time, for up to 3 months.
   

2. Amending your level of cover